Sir James Dyson has made the surprise announcement that his company Dyson will be making an electric car and launching it in 2020. In an email to the entire company, Sir James announced that it already has a team of 400 people committed to the project and that he would invest a staggering £2bn into the project. "We finally have the opportunity to bring all our technologies together into a single product." enthuses Dyson. "Rather than filtering emissions at the exhaust pipe, today we have the ability to solve it at the source. So I wanted you to hear it directly from me: Dyson has begun ...

The richest man in Africa says crude oil prices would do Nigeria a favor if they stay lower for longer. Last week at the UN General Assembly, Nigerian billionaire Aliko Dangote, whose main business is in cement but also holds interests in agricultural commodities and petrochemicals, said that agriculture—not crude oil—is the way forward for Nigeria, and that Africa "will become the food basket of the world." The latest economic data from Dangote's home country tend to support his view. GDP grew by 0.55 percent in the…

The American Petroleum Institute (API) reported a draw of 761,000 barrels in United States crude oil inventories, compared to analyst expectations that inventories would build by 3.422 million barrels for the week ending September 22. Gasoline inventories built for the first time in two weeks, by 1.470 million barrels for the week ending September 22, against an expected draw of 921,000 barrels. Both WTI and Brent benchmarks fell on Tuesday, but they were both still up over $2.00 week on week. WTI hit 7-month high yesterday at the close of trade,…

French oil giant Total SA chief executive said on Monday the company was not in a rush to join the foreign exodus from Canada's oil sands sector. During a call with analysts, Patrick Pouyanne said the company's plan was to wait for oil prices to rise before selling the assets. CEO Patrick Pouyanne said oil sands assets were among the high breakeven projects in Total's portfolio. "My priority is value over volumes and oil sands are among the high breakeven projects in the portfolio," Pouyanne said, according…

Healthy demand growth for fuel not only in emerging economies led by China and India, but also in Europe, is helping global inventories to draw down faster now, keeping the oil market on the right track towards rebalancing, according to industry executives who spoke at a conference on Tuesday. "We see the market over the next six months going well above $60 for a simple reason ... surprisingly good demand," Adi Imsirovic, Head of Oil Trading at Gazprom Marketing and Trading, said at the S&P Global Platts APPEC conference…